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The spring home-buying season is coming into bloom

Here is the latest press release from the Ottawa Real Estate Board as we prepare for the spring market.

Ottawa Real Estate Board Market Update;

Members of the Ottawa Real Estate Board sold 1,189 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,160 in March 2013, an increase of 2.5 per cent.

March’s sales included 245 in the condominium property class, and 944 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,741, an increase of 0.3 per cent over March 2013. The average sale price for a condominium-class property was $251,580, a decrease of 2 per cent over March 2013. The average sale price of a residential-class property was $386,553, an increase of 0.2 per cent over March 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

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